Jacobs Levy Equity Management Inc. Boosts Stock Position in Bowhead Specialty Holdings Inc. $BOW

Key Points

• Jacobs Levy Equity Management Inc. increased its holdings in Bowhead Specialty Holdings by 21.8%, acquiring an additional 18,989 shares, bringing their total ownership to 106,043 shares valued at $4.31 million.
• Various institutional investors have modified their positions in Bowhead Specialty, with notable increases such as GAMMA Investing LLC growing its holdings by 7,651.2% during the first quarter.
• Bowhead Specialty reported earnings of $0.37 per share for the last quarter, exceeding analysts' estimates, with revenues significantly surpassing expectations at $232.36 million.

Jacobs Levy Equity Management Inc. boosted its holdings in Bowhead Specialty Holdings Inc. (NYSE:BOW - Free Report) by 21.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 106,043 shares of the company's stock after buying an additional 18,989 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.32% of Bowhead Specialty worth $4,311,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. SBI Securities Co. Ltd. purchased a new position in Bowhead Specialty in the 1st quarter worth about $44,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bowhead Specialty by 17.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,400 shares of the company's stock valued at $301,000 after purchasing an additional 1,100 shares during the period. Jump Financial LLC grew its stake in shares of Bowhead Specialty by 17.1% during the 1st quarter. Jump Financial LLC now owns 9,050 shares of the company's stock valued at $368,000 after purchasing an additional 1,322 shares during the period. Nemes Rush Group LLC bought a new stake in shares of Bowhead Specialty during the 1st quarter valued at about $61,000. Finally, SG Americas Securities LLC grew its stake in shares of Bowhead Specialty by 19.9% during the 1st quarter. SG Americas Securities LLC now owns 11,612 shares of the company's stock valued at $472,000 after purchasing an additional 1,931 shares during the period.

Bowhead Specialty Price Performance

Shares of NYSE:BOW traded down $0.75 during mid-day trading on Friday, reaching $28.15. 268,590 shares of the company traded hands, compared to its average volume of 303,366. The company's 50 day moving average price is $31.93 and its 200-day moving average price is $35.71. The firm has a market cap of $922.71 million, a PE ratio of 19.15 and a beta of -0.71. Bowhead Specialty Holdings Inc. has a 52 week low of $27.07 and a 52 week high of $42.29.

Bowhead Specialty (NYSE:BOW - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.01. Bowhead Specialty had a return on equity of 13.25% and a net margin of 10.05%.The company had revenue of $232.36 million during the quarter, compared to the consensus estimate of $134.66 million. On average, research analysts predict that Bowhead Specialty Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Gallatin Point Capital Llc sold 2,000,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $30.66, for a total value of $61,320,000.00. Following the transaction, the director directly owned 8,968,445 shares of the company's stock, valued at approximately $274,972,523.70. The trade was a 18.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Botein sold 2,000,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $30.66, for a total value of $61,320,000.00. Following the completion of the transaction, the director directly owned 8,968,445 shares in the company, valued at approximately $274,972,523.70. This represents a 18.23% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BOW. Deutsche Bank Aktiengesellschaft began coverage on Bowhead Specialty in a research note on Friday, August 8th. They set a "buy" rating for the company. Morgan Stanley cut their price target on Bowhead Specialty from $37.00 to $34.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Keefe, Bruyette & Woods cut their price target on Bowhead Specialty from $45.00 to $42.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. Finally, Zacks Research upgraded Bowhead Specialty from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $38.33.

Bowhead Specialty Company Profile

Bowhead Specialty Holdings Inc provides specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and hospitality segments; professional liability insurance solutions for financial institutions, private and public directors and officers liability insurance, errors and omissions liability insurance, and cyber segments; and healthcare solutions for hospitals, senior care providers, managed care organizations, miscellaneous medical facilities, and healthcare management liability segments.